Reserve Bank of New Zealand (RBNZ)

The Reserve Bank of New Zealand (RBNZ) serves as the central bank for New Zealand. It was founded in 1934 and operates under the Reserve Bank of New Zealand Act 1989. The RBNZ is responsible for managing monetary policy to ensure price stability, fostering a sound and efficient financial system, and issuing New Zealand's banknotes and coins.

The Monetary Policy Committee (MPC) is tasked with developing monetary policy in New Zealand, aimed at achieving the economic goals of:

• Ensuring stability in the general price level over the medium term; and
• Promoting maximum sustainable employment.

The MPC operates under the remit and charter specific to the committee, and its members are required to adhere to a code of conduct. These documents are available under the Monetary Policy Framework.

Adrian Orr serves as the Governor of the Reserve Bank, with a five-year term from March 2018 to 2023. Geoff Bascand holds the position of Deputy Governor and General Manager of Financial Stability, also with a five-year term from April 2018 to 2023. Christian Hawkesby is the Assistant Governor and General Manager of Economics, Financial Markets, and Banking, with a five-year term from April 2019 to 2024. Yuong Ha is the Chief Economist at the Reserve Bank, initially appointed for a one-year term from April 2019 to 2020 while the Chief Economist position was vacant, and he has since formally assumed the role (the current term remains unchanged).

The Bank issues Monetary Policy Statements quarterly, announces the Official Cash Rate (OCR) every six weeks, and publishes Financial Stability Reports biannually. All forthcoming announcements and publication dates are listed at the bottom of the RBNZ’s website.

Additionally, the Bank conducts over 120 presentations to business groups and organizations throughout the year. These speaking events are typically organized by other entities and are often invitation-only or closed to the public. Most of these events are off-the-record and focus on recently published information.

The Reserve Bank will notify the public of upcoming on-the-record speeches when possible. For information on upcoming public speeches, please refer to the upcoming public speech release listings page. Published speeches are generally accompanied by a news release, which can be found in the news section of the RBNZ website.

The Reserve Bank releases its Monetary Policy Statement (MPS) on a quarterly basis. Each MPS must include:

• The approach the Monetary Policy Committee (MPC) is taking to meet its operational objectives as defined in the Remit.
• The rationale behind the MPC's chosen approach.
• The transparency and accountability requirements of the MPC Charter, which includes:
• An explanation of how the MPC has aimed to fulfill the requirements of section 2b of the Remit;
• If inflation outcomes (or expected outcomes) fall outside the target range, an explanation for this;
• An explanation of how monetary policy is currently facilitating maximum sustainable employment.

The Bank holds a media conference at 3:00 pm on the days it releases Monetary Policy Statements and at 11:00 am on the days it publishes Financial Stability Reports. These media conferences can be viewed via live stream.